- Joined
- 29 November 2006
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- 5
May I suggest run. Take your loses and don't look back. There has been heaps of volume latelly but I'd still stay as far away as possible.
The Company is vigorously continuing its efforts to add value through smart exploration and at the same time farm out the Kyrgyz Assets to the right partner to establish a working joint venture in both oil & gas and uranium.
Currently the company is in ongoing discussions to various large resource companies and funding groups which remains the principle corporate focus for the Kyrgyz assets.
The Paleozoic era and associated reservoirs is known to contain a large proportion of the world’s oil supply suggesting that the Company’s areas in Kyrgyzstan have untapped potential, and the existence of a petroleum system has now been established. Future work programs are
planned to unlock this potential.
MHL just gave the record date, 1/10 - and the share price went up.
I have held this for longer than I care to remember, I wonder if it will rise back above what i bought it for. I hope they actual stick something into the group and suck something out for a change other than money from the stock market.
Monitor Energy drilling operations start on Fury – 1.
Highlights:
• The company has commenced drilling operations on its Australian, Cooper
Basin License PEL 115 together with Operator Victoria Petroleum on the Fury
prospect.
• The Century – 3 drilling rig has been released today by Victoria Petroleum and
is mobilising to the Fury - 1 location in preparation for the well spud.
• Spud date is anticipated to be around November 14th
• Drilling is expected to take approximately two weeks to a total depth of
2000m and will intersect the primary Cretaceous Murta Formation objective
within a week from spud and the secondary objective in the Permian
Patchawarra Formation within two weeks.
• The well plan is to drill through to total depth, then log the entire open hole
section before casing and depending on results, testing.
MONITOR FARMS OUT AN INTEREST IN PEL 115
BEFORE SPUD OF FURY-1 WELL
Monitor Energy Limited (ASX Code:MHL) is pleased to announce that it has
successfully farmed out a portion of the interest it has the right to earn in PEL 115 to a private company, Lion Petroleum Pty Ltd. Lion has agreed to pay 50% of the cost of the two-well PEL 115 farmin program with Victoria Petroleum as Operator. The terms of the farmout result in Monitor Energy Limited (Monitor) now participating in a two well back-to-back drilling program in PEL 115 with the drilling of the Fury-1 appraisal/ exploration well to be followed by the Airacobra-1 exploration well.
As a result of this farmout, Monitor has a partially free carried 42% earning interest through the two farmin wells. Importantly, upon the completion of the two well drilling program, Monitor will have earned a 42% interest in all of PEL 115 and its significant exploration prospect portfolio.
The rig is on location at Fury-1 and is currently 100% on location ready to spud. (Sunday November 15th). Monitor will provide weekly operational updates and at significant events or milestones during the drilling of the wells Fury - 1 and Airacobra -1.
Fury -1 is testing a 3D seismically defined combined Jurassic/Permian target with the potential to contain up to 28.5 million barrels of oil, if oil is present. Encouragement for the presence of oil in the Fury Prospect is provided by the oil shows and minor oil recovery in the Murta and Permian target horizons in Lightning-1, down dip and 650 metres to the southwest of Fury-1.
The second well in the drilling program, the 3D seismically defined Airacobra Prospect (figures 2 & 3), has the potential to contain up to 1.28 million barrels of oil, if oil is present. Encouragement for the presence of oil in Airacobra-1 is provided by the Airacobra Prospect being immediately adjacent to the producing Santos operated Caroowinnie/Narcoonowie Oil field, 2km to the southeast and the oil shows seen in the down dip well Pelkita-1, 4km to the north west.
Monitor Energy Ltd Managing Director Jon Roestenburg said;
“We are pleased with this farmout, as Monitor has laid off a significant part of its cost exposure to the original farmin program of paying 100% of the cost of drilling two wells to earn a majority interest in PEL 115. This has resulted in Monitor having sufficient funds on hand to pay for its share of the back-to-back drilling of the two farmin wells. Monitor through this farmin has reduced the cost of its exposure to the immediate drilling of two highly prospective prospects in PEL 115 adjacent to producing oil fields.”
The participants in the drilling of Fury-1, Airacobra-1 and their respective interests during the drilling of the wells and in PEL 115 following the completion of drilling are as follows;
Monitor Energy Limited 42%
Victoria Petroleum N.L. (Operator) 33%
Lion Petroleum Pty Ltd. 25%
The farmin by Monitor and Lion into PEL 115 is subject to the approval of the regulatory authorities.
Fury–1 well spuds for Monitor Energy Ltd Joint Venture.
Highlights:
• Fury–1 started drilling at 21:00 hrs on Sunday November 15th and is drilling
ahead at 42m as of last drilling report
• Drilling is expected to take approximately two weeks to a total depth of 2000m and will intersect the primary Cretaceous Murta Formation objective
by the weekend of November 21st–22nd and the secondary objective in the
Permian Patchawarra Formation within two weeks.
• The well plan is to drill through to total depth, then log the entire open hole
section before casing and depending on results, testing.
• Site preparations have commenced at the Airacobra–1 prospect to be drilled
after Fury–1 adjacent to the Narcoonowie Oil Field
Monitor Energy Ltd with Victoria Petroleum NL (operator) and Lion Petroleum Pty Ltd have started drilling at the Fury – 1 well location. The well has two objectives, the first, the Cretaceous/Jurassic Murta, McKinley and Namur Formation and a second objective in the Permian Patchawarra Formation with targeted gas and/or oil, shown in figure 1.
As per the latest daily drilling report from the Operator, well site and rig-up operations were completed in time for spud at 21:00 hours on Sunday night, November 15th. The rig is currently drilling ahead at 42m and is expected to reach the primary objective within the Murta formation by the weekend. Drilling will continue to a total depth of 2000m, after which the well
will be logged prior to casing and testing on a success basis if required.
Meanwhile, site preparations have commenced at the Airacobra Prospect further northwest of Fury and adjacent to the Narcoonowie Oil Field operated by Santos. The Airacobra well will be drilled “back-to-back” with Fury-1 to take advantage of the proximity of the drilling rig and operational personnel. The Airacobra four way dip closure is also defined by modern 3D seismic
data and will also test for oil within the Createceous/Jurassic stratigraphy common to most producing oil fields in the vicinity.
Monitor Farms into PEL 110
Highlights:
• Monitor signs PEL110 Farmin with Cooper Energy Ltd
• Located on emerging prospective NW margin on Cooper Basin
• Well to be drilled around end of 2010
• Earning 20% equity by paying 40% of one well costs
• Keenia Prospect identified as current drilling target to test 1.2MBBO
Monitor Energy Limited (“Monitor”) is pleased to announce that it has signed a
farmin agreement with Cooper Energy Ltd for a 20% stake in PEL110 situated on the northwest margin of the Cooper Basin. Monitor will earn 20% equity by paying 40% of the costs of one exploration well. The well is likely to be drilled in the second half of 2010 at an estimated total cost of A$2 million.
The Cooper Basin is a deep northeast – southwest trending basin that has
generated the bulk of Australia’s onshore oil and gas production for the last several decades, figure 1. The Basin has enjoyed renewed interest by companies exploring its western and north western margins with significant new discoveries by Victoria Petroleum, Beach Petroleum, Cooper Energy and Stuart Petroleum.
The story of the Cooper/Eromanga Basin`s western and north-western margins is still just developing. Knowledge of the size and types of oil traps is still evolving, including the possibility of stratigraphic traps of larger size than traditional anticlines and faulted anticlines with the mature Birkhead/Hutton Formations showing strong potential.The possibility of larger discoveries, renewed focus on the Cooper-Eromanga Basin`s high exploration success
rates, make the PEL 110 farm-in an attractive licence to add to our growing regional portfolio.
PEL110, a 1453km² exploration licence, lies on the up-dip edge, north of
previously discovered Kilearny and Telopea oil and gas fields and west of the James oil field, figure 2. The main reservoirs are Jurassic and Permian, however the Juradsic Birkhead and Hutton are becoming a modern reservoir/source focus.
The PEL110 Joint Venture comprised of Monitor Energy Ltd (20%), Cooper Energy (20%) and Magellan (60%) has identified 7 leads and prospects that have individual P50 undiscovered recoverable oil estimates ranging from 0.6 to 3.8 million barrels at the Birkhead/Hutton formation level, in similar stratigraphy as recent discoveries along the margin.
The Keenia prospect, shown in figure 3, is considered the most likely first drill
target, lies in the migration pathway for oil on a structural nose adjacent to the Cooper Basin deep and has the potential to contain P50 reserves of 1.5MBO. All the known prospects have the potential to contain oil in multiple reservoirs within the Birkhead/Hutton, Tinchoo and Poolowanna formations, which would increase the recoverable oil volumes should more than one formation yield a discovery.
OIL SHOWS IN FURY-1, PEL 115, SOUTH AUSTRALIAN COOPER BASIN
Victoria Petroleum N.L. (Vicpet) as operator of the Fury-1 exploration well advises that good oil shows have been observed in target sands of the Murta Formation, over a 12 metre gross interval from 1,309 -1,321 metres. The current operation is drilling ahead at 1,363 metres towards the next target, sands of the Permian Formation.
The full significance of the good oil shows drilled in Fury-1 will be evaluated by wire line logs, side wall cores and testing after the well has been drilled to the planned total depth of 2,000 metres in approximately five days time.
The presence of good oil shows in Fury-1 confirms the encouragement for the presence of hydrocarbons in Fury-1 provided by the oil shows seen 663 metre to the southwest in Lightning-1, drilled in 2006. Subsequent to the drilling of Lightning-1, a remapping of the up dip Fury Prospect 3D seismic data indicates the Fury Prospect is a four way dip closed structure with the potential to contain a combined maximum unrisked P10 Jurassic and Permian resource of up to 27 million barrels of oil and 23 billion cubic feet of gas if, oil and gas are present. Fury-1 is 5 kilometres to the northeast of the Victoria Petroleum operated Mirage Oil Field.
Vicpet managing director John Kopcheff commenting on the oil shows seen in Fury-1 said:“Vicpet is very pleased that good oil shows have been observed in the target sands of the Murta formation in Fury-1. We look forward to the evaluation of the significance of these oil shows by wire line logs and testing after the well has drilled to total depth. The drilling of Fury-1 is the first well in the renewed search for further commercial oil fields in the very large oil bearing Murta complex in the Mirage-Lightning-Fury area and follows on from our original successful discovery of the Mirage Oil Field.”
Following the completion of drilling operations at Fury-1, the drilling rig will be moved to the Airacobra Prospect to drill the second well in the PEL 115 drilling program.
Wet Gas Shows in Permian Fury1
Well Drilling Progress Report
Highlights:
● Fury–1 drilling ahead to second objective in the Patchawarra , targeting 23BCF gas or a similar volume of oil if present.
● At 06:00 hrs today, December 1 2009, Fury–1 reached a depth of 1838m some 48m above the secondary objective and 162m above total depth at 2000m.
● The well has penetrated Permian sediments returning good wet gas shows,
reaching over 70 units of total gas with 50 - 70% fluorescence recorded from
sandstones in the Epsilon Formation.
● After reaching total depth at 2,000 metres, the wet gas shows observed to date in the Permian sands, as well as the good oil shows observed over the gross 12 metre interval in the Murta sands, will be evaluated by wire line logs, side wall cores and testing.
Monitor Energy Limited’s drilling operation with Victoria Petroleum NL (Operator) and Lion Petroleum Pty Ltd at Fury–1 has to date reached a depth of 1838m at 06:00hrs, December 1 2009. The section penetrated so far comprises Toolachee, Daralingie, Roseneath, Epsilon and Murteree Formation sandstones, siltstones, shales and coal seams, reaching thicknesses of 4m. Consistent multi‐component gas shows associated with coal seams and carbonaceous siltstones indicate the presence of higher order hydrocarbons in the section. Fluorescence of 50–70% very pale blue green, with a weak pale blue green crush cut has been recorded in Epsilon Formation sandstones. Its full significance will be evaluated after drilling.
Managing Director Jon Roestenburg, reporting from the Fury well site, said: “Gas compositions and fluorescence of the type intersected at this depth in Fury–1 are a positive indicator of the potential of the section and in particular as the coal seams are known to have generated large volumes of gas and liquids throughout the Cooper Basin. They are a positive indicator of what could be expected in the Patchawarra objective.”
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